| Credit rationing caused by information asymmetry is the direct cause of SMEs facing financing constraints.From the perspective of credit rationing,this paper combines theoretical analysis and empirical research on the relationship between financial structure and financing constraints of SMEs,and specifically discusses the following two major issues: First,can China's financial structure effectively alleviate the financing constraints of SMEs? In recent years,has the rapid development of small and medium-sized banks played a role in alleviating the problem of financing constraints? How's the effect? Second,if the financial structure eases financing constraints,how does it reduce the credit rationing of SMEs? What is the impact on corporate credit availability and credit costs? Does the banking structure and corporate credit availability have separate “inverted U” relationships?In order to answer the above questions,the research on China's SME board listed companies from 2010 to 2017 is taken as a research sample.An empirical study was conducted in conjunction with economic and financial data from 31 provinces during the sample period.The following conclusions are drawn:First,despite the fact that China's listed SMEs still have financing constraints,the optimization of financial structure can effectively alleviate the financing dilemma of SMEs.The dominant position of financial intermediaries in China's financial system is difficult to shake in a short period of time.In areas with slow economic growth,the role of financial intermediation in easing the financing constraints of SMEs is even more pronounced.This mitigation of bank competition is not significantly different in regions with different economic growth rates.Second,the strengthening of the leading role of financial intermediaries in the financial system will help increase the availability of credit for SMEs,reduce the cost of corporate credit,and the impact will be more pronounced in areas with low levels of financial development;On the one hand,the current intensified competition in China's banks will reduce the availability of credit for SMEs and increase the cost of corporate credit.And the lower the level of financial market development,the greater the impact of bank competition on the availability of credit for SMEs.In areas with different levels of financial development,there is no significant difference in the extent to which bank competition affects corporate credit costs.Third,there is an “inverted U-shaped” relationship between the banking structure and the availability of SME credit,and the current level of bank competition in China is located to the right of the “inverted U-shaped” curve,which deviates from the optimal banking structure.It shows that China's banks are currently highly competitive,and small and medium-sized banks are emerging in large numbers.SMEs are even more difficult to obtain loans from banks.Therefore,in order to solve the financing problem of SMEs in China,it is very necessary to continue to play the leading role of banking financial institutions in the financing of SMEs while vigorously developing the capital market.The importance of small and medium-sized banks cannot be emphasized unilaterally.While encouraging the development of small and medium-sized financial structures,the important role of large commercial banks in alleviating the financing constraints of SMEs should not be ignored.In view of the fact that various banks are subject to many restrictions when it comes to lending to small and medium-sized enterprises,financial institutions or service companies that support the development of small and medium-sized enterprises can be set up to support the development of small and medium-sized enterprises in a more accurate and effective manner.In addition,it is necessary to establish sound laws and regulations,effectively regulate the behavior of the credit market,and create a fair and good market economy environment for SME financing. |
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